25 Things To Sell When You’re Ready To Retire

25 Things To Sell When You’re Ready To Retire

Gabrielle Olya  Sat, April 16, 2022  GOBankingRates

Many people downsize in retirement as a way to cut back on expenses and make their lives simpler. For some, this means relocating to a smaller home or a retirement community. For others, this can just mean getting rid of stuff they no longer use anymore.

If your retirement planning includes downsizing, there are numerous things you can sell to clear out clutter and add some extra funds to your retirement nest egg.

Your Home

One of the key things you need to figure out when planning for retirement is where you want to live. This might entail selling your current home, which for most people is their most valuable asset. You can use the funds to buy a smaller place or put the money toward rent and deposit any leftover money into savings. Downsizing your home can not only save you money, but it also can save time and effort because you have a smaller property to maintain.

Work Clothes

When you're out of the working world, you no longer need to wear business attire in your everyday life. Hold onto one suit for weddings and other special occasions and sell the rest. You can sell your clothes online on sites like Poshmark and thredUP, or sell them at your local consignment shop.

Exercise Equipment

If you downsize your home, you might no longer have room for exercise equipment. But even if you plan to stay at your current house, you might consider selling your treadmill or stationary bike because of other exercise options available to you. For example, you might have the SilverSneakers senior fitness program included in your Medicare Advantage Plan, which lets you visit select gyms and take fitness classes for free. In this case, there's no need to hold onto equipment that you can turn into cash instead.

Your Car

Even if you're done paying off your car, it can still be a major expense between gas, insurance, maintenance and repairs. If you and your partner each own a car, consider selling one of them. Even if you only have one car, it might be cheaper to sell it and get around using rideshare services or public transportation.

Furniture

If you plan to move to a smaller home, it's a good idea to sell off bulkier furniture pieces that you'll no longer have room for. You can sell furniture through Craigslist or Facebook Marketplace, or to a consignment shop or used furniture store.

Decorative Items

Holiday decorations and other decor items might be taking up space you won't have if you downsize to a smaller home. Consider holding a yard sale to get rid of any miscellaneous decor items that you no longer want or need.

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